The Bank of England’s Monetary Policy Committee today announced that Base Rate will remain unchanged at 4.75%, for the third consecutive month.
Simon Jones, Director at SPF, comments: ‘’It seems increasingly likely that the four increases we have seen since February this year, have succeeded in slowing down the housing market. Consumer spending is however still a cause for concern and not slowing down as much as expected, contradicting claims that consumers will have to cut back because of excessive debt.
Fixed rate products are generally priced lower than they were a couple of months ago. Some lenders have cut the cost of their new fixed rates and others are likely to follow suit in the coming weeks. 2 year fixed rates are down to 4.69% and we hope to see 5 year fixed rates below 5% in the near future. Discount and tracker rates remain good value for money.’’
